One thing I suspect you are overlooking, private companies might be able to legally require compliance all on their own. I do not know the factual reading on that or if it is even settled law on reporting.
My suspicion is, if as others have mentioned it is already being implemented by the big players, unlikely they will back track, as its also likely on the horizon anyway as we head towards a cashless society.

Asking for 'facts" here is pointless btw.

Also remember, the original legislation if I understand it correctly, was for banks to report all $600+ transactions, which is now recently this week back up to $10,000?, banks in recent past were supposed to report any " suspicious" transactions over $10K to IRS, some just to cover their butts IMO reported all over $10k..
What has changed here, is IRS now has the ability to handle incredible amount of $600 transactions likely to be reported, and use them to reduce unreported income, and the fact the gov has a huge deficit.

I also think the current legislation is more a "transaction" reporting requirement for banks, not income, in that I can withdraw $1000 ever day and redeposit the next day, every day of the year, and have zero income, that would not fit the normal 1099 format as income reporting.